During the period, nearly 1.03 lakh individual subscribers from the private sector and 206 corporates were enrolled, Pension Fund Regulatory and Development Authority (PFRDA) said in a release.
NPS can also be used an instrument for wealth creation for retirement and save additional tax on investments up to Rs 50,000.
PFRDA has allowed subscribers under the NPS to make partial withdrawals for the treatment of COVID-19.
Total number of subscribers under the two schemes were around 3.38 crore as of February 22, 2020.
NPS subscribers who have contributed for three years can now withdraw up to 25 percent of the corpus for meeting specified expenses.
In an interview to M Saraswathy, Whole-time Director and CEO Vighnesh Shahane, talks out the company’s plans to expand distribution.
Regulator PFRDA today said funds transferred from provident fund account to National Pension System (NPS) account will not attract any tax.
As per provisions in the Income Tax Act, the amount transferred from recognised PF/superannuation fund to NPS will not be treated as income of the current year and is hence not taxable.
Providing greater flexibility to NPS subscribers both in the individual and corporate segments, PFRDA has allowed them to alter their investment scheme choice and asset allocation twice in a financial year instead of once at present.
Pension Fund Regulatory and Development Authority (PFRDA) said that they are looking to have a systematic withdrawal plan for National Pension System (NPS) wherein individuals will have an option to have between 15-20 years where they can withdraw a fixed sum from their pension fund.
As a consultant you are required to pay a flat 10 per cent tax on income while an employee is taxed as per applicable slab, the highest being 30 per cent along with surcharge.
The entry of the second CRA has led to a lowering of the fees. NPS also has low fund management charges and offers the option of investing in schemes that have high equity component to generate good returns.
Experts feel NPS continues to be a good retiral product for the salaried segment since it is market-linked and professionally managed.
The amendment brings about parity in tax treatment between salaried and non-salaried self-employed persons.
Pension fund regulator PFRDA is expecting National Pension System (NPS) to grow at a rate of 35-40 per cent in the current fiscal, a top official said today.
Backed by a robust institutional architecture, the NPS (National Pension System) has registered a substantial growth over the last more than six years, a senior official of regulator PFRDA said today.
SBI Pension Funds, a subsidiary of State Bank of India, has appointed Kumar Sharadindu as its managing director and chief executive.
One of our perennial demands with the government is to place NPS on par with other retirement schemes for tax purposes and make it an Exempt-Exempt-Exempt (EEE) scheme, says Hemant Contractor
Regulator PFRDA plans to hire two institutes to provide training to about 1.20 lakh people for pension schemes under National Pension System (NPS), government's flagship social security programme.
The pension regulator has asked the government to extend the alternative investment choices and the two new life-cycle funds introduced in NPS to be made available to the government sector subscribers
â€œOnce we get the board approval, we will issue the licences. These will be valid for five years unlike earlier when they were only valid for three years,â€ said Contractor.
To provide housing finance options to National Pension System (NPS) subscribers, the pension fund regulator has set up a committee to look into the proposal, a senior executive announced. “We are looking at possibility R
With creation of a separate class, private sector subscribers can now invest up to 5 per cent of funds in commercial mortgage-based securities or residential mortgaged based securities and units issued by Real Estate Investment Trusts (REITs), and asset backed securities regulated by SEBI.
Coming out with clarification on its May 2015 norms on exits and withdrawals from the social security scheme, regulator PFRDA also said that subscribers who choose to contribute beyond 60 years of age can exist at any point later.
The chief minister said the government will have to spend an additional Rs 72 crore monthly towards salaries and pensions of government employees for implementation of recommendations of the new commission.